REAL ESTATE

The Company owns and operates industrial and office properties. The carrying value of these properties by type as of December 31, 2014 and 2013 is as follows (in thousands):



	Land		Building
	And Land		And				Accumulated
	Improvements		Improvements		Total		Depreciation
2014
Industrial properties	$	773,874	$	3,513,534	$	4,287,408	$	620,967
Office properties	415,886		1,830,374		2,246,260		561,602

2014 Total	$	1,189,760	$	5,343,908	$	6,533,668	$	1,182,569

2013
Industrial properties	$	707,951	$	3,236,596	$	3,944,547	$	514,073
Office properties	429,946		1,893,106		2,323,052		537,520

2013 Total	$	1,137,897	$	5,129,702	$	6,267,599	$	1,051,593

Depreciation expense was $179.1 million, $162.5 million and $140.6 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Information on the operating properties the Company sold during the years ended December 31, 2014 and 2013 is as follows:

2014 Sales



Reportable Segment	Number of Buildings	Leaseable Square Feet (unaudited)	Gross Proceeds
			(in thousands)
Houston	5	553,510	$	29,721
Maryland	23	1,367,569	185,460
Minnesota	1	191,336	41,000
New Jersey	27	1,790,893	164,767
Orlando	4	588,678	116,750
Southeastern PA	3	113,833	12,225
Other	2	134,510	8,655
Total	65	4,740,329	$	558,578

2013 Sales



Reportable Segment	Number of Buildings	Leaseable Square Feet (unaudited)	Gross Proceeds
			(in thousands)
Carolinas	1	59,200	$	2,000
Lehigh/Central PA	1	101,750	8,650
Minnesota	12	915,693	71,493
Philadelphia	2	656,350	103,650
Richmond/Hampton Roads	1	86,170	10,978
Southeastern PA	5	996,874	102,734
Other	36	2,307,135	192,275
Total	58	5,123,172	$	491,780